The ride-hailing service Careem announced on Monday that it will lay off 536 of its employees, representing 31% of its workforce, this week. Careem CEO Mudassir Sheikh said in a blog on the company’s website that their business is down by more than 80% and the recovery timeline is alramingly unknown. The company, which primarily operates in the Middle East, is owned by Uber.
He said that the crisis brought by the novel coronavirus has put the company’s “dream and future impact at significant risk”. The blog assured that the workers departing the company will be paid three months of severance pay, one month of equity vesting, extended visa and medical insurance for them and their family members.